free trade

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Free Trade

The state in which there are few or no tariffs or other trade barriers discouraging international trade. For example, a country with a free trade policy does not subsidize favored industries in order to make them less expensive compared to international competitors. Proponents of free trade argue that it is more economically efficient and helps consumers by promoting competition to keep prices low. Critics contend that free trade is detrimental to local jobs, especially in the developed world.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

free trade

the EXPORT and IMPORT of goods and services between countries totally unhindered by restrictions such as TARIFFS and QUOTAS. In general, free trade leads to a higher level of economic welfare in so far as it favours the location of economic activities in those countries best suited to their production, resulting, through the trade mechanism, in worldwide consumption gains in the form of lower prices and greater product availability. See INTERNATIONAL TRADE, TRADE INTEGRATION, WORLD TRADE ORGANIZATION.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson

free trade

the INTERNATIONAL TRADE that takes place without barriers, such as TARIFFS, QUOTAS and FOREIGN EXCHANGE CONTROLS, being placed on the free movement of goods and services between countries. The aim of free trade is to secure the benefits of international SPECIALIZATION. Free trade as a policy objective of the international community has been fostered both generally by the WORLD TRADE ORGANIZATION and on a more limited regional basis by the establishment of various FREE TRADE AREAS, CUSTOM UNIONS and COMMON MARKETS.

See GAINS FROM TRADE, EUROPEAN UNION, EUROPEAN FREE TRADE ASSOCIATION, TRADE INTEGRATION.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
The trade official further disclosed that the DTI was also on the lookout for another emerging compliance concern involving nonAsean members that were allegedly leveraging on the regional freetrade agreement.
Still, Cambodia would like to see negotiations eventually restart between ASEAN and EU for a freetrade deal.
The application to export to non freetrade agreement countries, filed in December 2011, is expected to be among the first to be considered.
The United Nations Conference on Trade and Development (UNCTAD) report, 2007 on FreeTrade Agreements (FTAs) advocates: "Rather than subscribing to the 'new regionalism', developing countries may examine other areas of cooperation with partners in the same geographical region and at a similar level of economic development, in a spirit of true regionalism.
The freetrade agreement currently being negotiated is set to be more comprehensive than previous agreements, including chapters not only on trade but also investment and intellectual property rights.
Both parties' leaders still support freetrade agreements--indeed, they are pushing to enact three new ones.
Along with the deindustrialization brought on by the corporate-authored freetrade pacts of the Reagan/Bush/Clinton era came a collapse of the unionized sector.
In exact proportion, therefore, to the increase in the imports of corn under a system of freetrade,/18/would be the increased demand for British manufactures.
Among his plans was the construction of a natural gas pipeline to China by 2009, the creation of freetrade zones in border areas in the southern Balkhan Province, and the completion of the Amu Darya railroad bridge in Lebap Province.
In a liberal framework these are the three more prominent forms of contemporary cosmopolitanism: Kantian moral cosmopolitanism represented by the discourse of human rights and, perhaps, institutionally by the United Nations; Kantian political cosmopolitanism represented by the likes of Habermas, Rawls, Beitz, Pogge and cosmopolitan democracy, argued by Held; and finally, economic cosmopolitanism currently best exemplified by a form of neoliberal "freetrade."
For example, negotiating a fair balance between imports and exports, stabilizing trade deficits, and safeguarding measures for human rights protections in a global marketplace have proved to be perennial issues in the promotion of competitive freetrade. Very recently, efforts by the Obama Administration and the U.S.